According to a new market research report published by Credence Research “Handwriting Recognition (HWR) Market (By Type – Online and Offline; By Application: Automotive; Education and Literature; Enterprise and Field Services; Healthcare and Others) – Growth, Future Prospects, Competitive Analysis and Forecast 2017 – 2025”, the global handwriting recognition (HWR) market was valued at US$ 1,039.3 Mn in 2016 and is expected to grow at a CAGR of 15.7% during 2017 to 2025.
The handwriting recognition (HWR) market has been majorly driven by increasing applications in the fields of automotive, education, healthcare and various field services. The technology is designed to read handwritten articles/symbols and convert them to machine-readable text. The market growth is primarily governed by the corporate and government enterprises sector. Document management is one of the major concerns across different enterprises. Handwriting recognition helps in effective digital storage of documents, thereby fueling the market penetration. Additionally, growing application of handwriting recognition in automotive infotainment systems is another major factor fueling the market growth. Expanding application area is expected to provide substantial push to the market growth during the forecast period from 2017 to 2025.
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The complete report is available at http://www.credenceresearch.com/report/handwriting-recognition-hwr-market
High competition is experienced among the major players of handwriting recognition (HWR) system. Due to constant technological improvement, advanced software and compatible hardware companies are facing cut-throat competition to remain dominant in the market. The survival of the market leaders does not depend upon the size of the company but on their efforts towards service enhancement so as to address the changing regulations and economic conditions in the global market. The key players of handwriting recognition (HWR) system market include MyScript, Nuance Communications, Inc., SELVAS AI, Inc., Hanwang Technology Co., Ltd., Paragon Software Group, PhatWare Corporation, SinoVoice (Beijing Jietong Huasheng Technology Co. Ltd.), and Sciometrics, LLC.
- Increasing adoption in the automotive industry to offer enhanced control over infotainment systems
- Continued demand for offline handwriting recognition especially in the education and literature end-use segment
- Companies engaged in inclusion of a wide range of languages to expand their consumer base
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